Bitcoin and cryptocurrencies? Decentralized Ponzi Schemes for Jamie Dimon (JPM)

JPMorgan is interested in the tokenization of the traditional financebut not to cryptocurrencies. Before the United States Congress, Jamie Dimon qualified Bitcoin and consorts such as ” decentralized Ponzi schemes “.

Customers are interested in. [par Bitcoin] and I don’t tell customers what they have to do,” said the CEO of JPMorgan, Jamie Dimon. On the other hand, he is quite willing to express critical disinterest.

The head of one of the largest banking institutions is very critical of these digital assets. This discourse is not new. And Dimon again had the opportunity to summarize his position on the matter.

DeFi and stablecoins are Dimon’s favorites.

On Sept. 21, the JPMorgan chief was heard by members of the U.S. Congress. He believes that cryptocurrencies are associated with ransomware attacks, money laundering and other criminal acts.

It is impossible, given these uses associated with. Bitcoin and others, to positively consider these assets. Jamie Dimon defines himself as a “big skeptic of cryptocurrencies,” including BTC.

The CEO goes so far as to call them ” decentralized ponzi schemes “This does not mean, however, that the banker is hostile to all tokens. This does not mean, however, that the banker is hostile to all tokens. He expresses his interest in stablecoins.

If properly regulated, a stablecoin does not pose a threathe says. The JPMorgan executive also highlights the value that DeFi, blockchain and some “useful” tokens can bring to traditional finance.

Focus on tokenization of traditional finance.

In addition, Dimon notes that his company is a major user of blockchain technologies. In addition, it has its own own tokenThis tab is useful, for example, for cross-border settlements.

Other banks and financial institutions are interested in blockchain, DeFi and digital assets, but mostly under the security tokens. However, this week SGSS has announced the launch of new services.

The Société Générale Group subsidiary wants to help asset managers launch cryptocurrency-focused funds, such as Arquant Capital. The development of this market is also an opportunity for crypto-natives such as Kaiko, data providers to traditional financial institutions.